FTSE approaches all time high at 7291; extended wave C could travel to 7365

Slobodan Drvenica Windsor Brokers

FTSE100

FTSE has completed 7283/7227 correction, as strong recovery from 7227 (21 Feb trough) extends for the second day and approaches key barrier at 7291 (16 Jan record high).

Rising 10SMA that contained correction, continues to underpin the action (currently at 7245), with regain of 7291 target to confirm full retracement of larger 7291/7024 (16 Jan / 02 Feb) corrective pullback and signal fresh upside.

Extended wave C (from 7077 trough) of five-wave cycle from 7024 (02 Feb correction bottom) could extend towards its Fibonacci expansion levels of 161.8%, 176.4% and 200% at 7310; 7331 and 7365 respectively.

Session low offers initial support at 7260, with rising 10SMA expected to contain extended dips.

Res: 7291; 7310; 7331; 7365
Sup: 7260; 7245; 7227; 7213

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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